United Technologies: '08 looks 'challenging', no recession

ChristopherHinton

NEW YORK (MarketWatch) -- United Technologies Corp.
UTX, +1.25%
is forecasting a "challenging" year for 2008 due to moderating worldwide growth and a slowing U.S. economy, but the industrial conglomerate doesn't' expect a recession, said Greg Hayes, vice president of accounting and finance. "How the US economy reacts to the current slowdown in residential housing and the recent financial market turmoil is unclear," Hayes said. "We do expect the US economy to slow further. How much of course is the difficulty in predictions." Commercial construction will likely slow while a favorable foreign exchange rate probably won't be as much of a tailwind as in 2007, he said. Unite Technologies shares were down 3.5% to $76.88.

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